Finance: Cedar Fair announces quarterly earnings

Posted at 6:37 PM EDT (2237 GMT)

Aug. 3rd, 2004 -- Cedar Fair earned $145 million dollars in the second quarter of 2004, according to a newly released report. This is down very slightly from earnings of $145.1 million in the previous quarter. In the second quarter, ending June 27, attendance at Cedar Fair's parks decreased 1%, although in park spending per guest increased 3%. Out of park revenues, including hotel profits, decreased 4%.Dick Kinzel, Cedar Fair's CEO, called cool and rainy weather the culprit for the negative figures. He also cited the recent acquisition of Geauga Lake from Six Flags, and the transfer of several days from the second quarter to the third. If Geauga Lake is ignored, quarterly revenues decreased 5% to $138.1 million, park attendance decreases 8%, and operating costs decrease 5% to $95.4 million.<

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>On a positive note, Kinzel mentioned improvements in the month of July, not included in the report. He stated that attendance was up 4% from 2003, in park revenues increased 3%, and out of park profits went up 2%. Kinzel predicts that Cedar Fair's total earnings for 2004 will be approximately $550 million dollars.<

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>For more information, visit The Business Journal. For the full text of the official press release, visit the Cedar Fair website.